Navigate the evolving landscape of the medical equipment maintenance market with our comprehensive research report. Upcoming demands for vital health technology, particularly in the life-threatening health conditions sector, are driving growth in the maintenance services market, bolstering both short and long-term market stability. Factors such as the increasing adoption of preventive maintenance practices, advancement in medical technologies, the rise of refurbished medical equipment purchases to cut capital costs, and the innovative entry of services through IoT devices and remote guidance are also significantly propelling market growth.
In addition, the ripple effects of an aging population and the consequent higher prevalence of chronic conditions - like cancer and diabetes - are further escalating the need for high-quality, functional medical equipment, and thereby fueling maintenance market revenues. Note that despite these growth drivers, challenges lie ahead in the form of high maintenance costs, talent shortages, and tight regulatory measures. Strategically positioning your business to meet these challenges is critical, and our report is designed to guide you in managing these strategies effectively.
The need for critical medical equipment for life-threatening disorders will boost the demand for maintenance services in the short term. The broad range of medical devices used in the diagnostic and treatment of COVID-19 supports the market growth. Owing to the unprecedented burden on healthcare infrastructure and the need for functional medical devices due to the pandemic, the market is likely to be profoundly impacted. Hospitals are having trouble getting service information to fix medical equipment during COVID-19. Thus, market players are adopting strategic initiatives to sustain themselves in an uncertain environment. For instance, in March 2021, iFixit launched a massive repair database for ventilators and other medical devices to help hospitals maintain and fix crucial equipment during COVID-19. Such product launches will help the market grow at a faster pace in the upcoming years.
The market is primarily driven by an increase in the adoption of preventive maintenance to enhance the lifetime of medical equipment in healthcare settings. Furthermore, rapid technological advancements in medical equipment and increased need for continuous training and maintenance are stimulating the market growth. Also, increasing purchases of refurbished medical equipment to reduce capital costs in hospitals and other healthcare settings are anticipated to fuel the growth of the market. Moreover, innovations in the service sector such as providing services through IoT devices and remote guidance are increasing the demand for medical equipment maintenance. The elderly population presents a greater exposure to chronic conditions, such as cancer, diabetes, and other lifestyle-related chronic disorders. For instance, according to the Division of Cancer Prevention and Control, Centers for Disease Control and Prevention, data updated in September 2021, more than two-thirds of all new cancers are diagnosed among adults aged 60 years and older. As the number of adults living to older ages continues to increase, so too will the number of new cancer cases and the number is expected to reach more than 2.2 million by 2050, with the largest percentage increase among adults who are 75 years old or older.Thus, healthcare delivering facilities and hospitals are also significantly contributing to medical equipment maintenance revenue.
However, the high cost of medical equipment maintenance and lack of skilled professionals are expected to hamper the market growth. Besides, the stringent regulatory policies in many countries around the globe have mandated medical equipment maintenance as a compulsory requirement for end users.
Medical Equipment Maintenance Market Trends
The Imaging Equipment Sub-segment is Expected to Have a Significant Share Over the Forecast PeriodImaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time among the majorly used COVID-19 screening options. All the imaging modalities, including computed tomography and nuclear imaging, have been used extensively to study COVID-19 and its effect on different patients in each demography. Thus, this is likely to boost the demand for imaging equipment maintenance during the pandemic.
Imaging equipment have evolved in a rapid phase with technological advancements and increasing investments by healthcare providers for the betterment of patient health. The significant number of diagnostic tests performed at healthcare facilities and the growing prevalence of chronic diseases are projected to boost the imaging equipment sub-segment. Furthermore, various initiatives are taken by the government and non-government organizations for the preventive maintenance of medical equipment. This is likely to boost the growth of the preventive medical equipment sub-segment over the forecast period.
Furthermore, an increasing number of hospitals worldwide to match the growing prevalence of chronic diseases and the increasing adoption of annual maintenance policies by healthcare providers are anticipated to boost the overall medical equipment maintenance market.
Increase in cardiovascular diseases and cancer prevalence is the major factor contributing to the increased use of sophisticated equipment that need continuous maintenance.
North America is Expected to have a Significant Market Share Over the Forecast PeriodNorth America is anticipated to dominate the medical equipment maintenance market over the forecast period. The factors attributed to the high growth of the market in the region are the increasing chronic disorders and the growing demand for medical devices.
According to an article titled “ Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic” published in December 2021, Following the March 2020 advice to stop performing elective surgery, the total number of surgical procedures performed in the United States between January 1, 2019, and January 30, 2021, decreased by 48.0%. Except for otolaryngology, surgical volume rebounded to 2019 rates. This rate was maintained throughout the COVID-19 peak surge in the fall and winter. Thus, the demand for maintenance of these devices may also increase in the upcoming future.
The key companies operating in this region are adopting partnership as a key strategy to sustain in the highly competitive environment and gain higher market share. For instance, in 2019, the Extremadura Health Service collaborated with Siemens Healthineers for the provision of technological updates, medical devices, and comprehensive medical equipment maintenance. Such strategic initiatives implemented by key market players are likely to boost regional growth in the future.
Amid the pandemic, as North American countries were among the severely affected by COVID-19, hospital biomedical repair technicians tasked with keeping ventilators and other life-saving medical equipment up and running faced unnecessary and time-wasting hurdles. A survey released by the United States Public Interest Research Group in 2020 reported that almost half of workers reported being denied access to critical repair information, parts, or service keys. This is likely to hurt the market studied.
Furthermore, well-established reimbursement policies that encourage healthcare providers to maintain quality infrastructure are expected to fuel the market growth. Moreover, advancements in medical device technologies may boost their adoption, which is expected to drive the regional market share.
Medical Equipment Maintenance Market Competitor AnalysisThe medical equipment maintenance market is fragmented with the presence of original equipment manufacturers and third-party service providers. Market players are focusing on simplifying the service access and regional expansions to increase their market shares. The key market players operating in the market include Siemens AG, Koninklijke Philips NV, Stryker Corporation, Canon Inc., and GE Healthcare.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Focus on Preventive Maintenance of Medical Equipment
4.2.2 Rising Investments of Healthcare Providers and Governments in Infrastructure
4.3 Market Restraints
4.3.1 High Cost of Medical Equipment Maintenance
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
188.8.131.52 Imaging Equipment
184.108.40.206 Endoscopic Devices
220.127.116.11 Surgical Equipment
18.104.22.168 Other Products
22.214.171.124 Preventive Maintenance
126.96.36.199 Corrective Maintenance
188.8.131.52 Operational Maintenance
5.2 By Service Providers
5.2.1 Independent Service Organizations
5.2.2 Original Equipment Manufacturers
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6.1.1 Alliance Medical Group
6.1.2 Alpha Source Inc.
6.1.3 Althea Group
6.1.5 Canon Inc.
6.1.6 GE Healthcare
6.1.7 Koninklijke Philips NV
6.1.8 Shimadzu Corporation
6.1.9 Siemens AG
6.1.10 Stryker Corporation
A selection of companies mentioned in this report includes:
- Alliance Medical Group
- Alpha Source Inc.
- Althea Group
- BC Technical Inc.
- Canon Inc.
- GE Healthcare
- Hoya Corporation
- Koninklijke Philips NV
- Shimadzu Corporation
- Siemens AG
- Stryker Corporation